Property taxes: Where does your state rank?
Residents of New Jersey pay roughly eight times more in real-estate property taxes on average than residents of Hawaii.
The Garden State has earned the dubious distinction of ranking highest in the nation in WalletHub's latest annual assessment of real-estate property taxes. The Aloha State earned the lowest rank among the 50 states and Washington, D.C.
These rankings are based on annual property taxes for real estate valued at $176,000, the median home value in the U.S. That amount ranges from $4,029 in New Jersey to $489 in Hawaii.
The average American household, by comparison, spends $2,127 on real-estate property taxes each year, WalletHub reports. In the 27 states that also levy vehicle property taxes, households pay an additional $412 in property taxes.
WalletHub adds: Considering these figures and the debt-fueled environment to which we have grown so accustomed, it should come as no surprise that roughly $11.8 billion in property taxes go unpaid each year, the National Tax Lien Association has found.
The states with the lowest effective real-estate tax rates are spread across various regions of the U.S.
The top 10 lowest rates— based on a home valued at $176,000 — are:
The states with the highest rates mostly are concentrated in the Midwest and New England regions.
The top 10 highest rates — again based on a home valued at $176,000 — are:
In the states that have vehicle property taxes, rates range from 0.37 percent in Montana (meaning taxes on a $23,070 2016 Toyota Camry LE four-door sedan, the highest-selling car of 2015, amount to $86) to 4.76 percent in Rhode Island (meaning taxes on the same vehicle amount to $1,099).
Complete rankings are available in WalletHub's "2016's Property Taxes by State" analysis.
How do you feel about property tax rates in your area? Sound off in a comment below or on our Facebook page.
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